Private equity firm JC Flowers has successfully finalised its acquisition of the French operations of Italian bank Monte dei Paschi di Siena, the firm announced on Tuesday. JC Flowers is a private equity firm that invests in financial services companies. Monte dei Paschi di Siena is one of Italy’s oldest and largest banks. While financial details of the transaction were not disclosed, JC Flowers stated its intention to refocus the acquired business squarely on wealth management services.
The strategic divestment by Monte dei Paschi aligns with a restructuring plan agreed with European Union authorities. This plan followed its state bailout in 2017 and subsequent reprivatisation between 2023 and 2024, which committed the Tuscan bank to shedding its foreign activities. The French subsidiary, which held approximately €1 billion ($1.17 billion) in assets, had ceased undertaking new business since June 2024, pending the finalisation of the sale. The transaction, initially agreed in June 2025 and subject to regulatory approvals, saw its closing pushed back from late last year to the first half of 2026, before its recent completion.
JC Flowers intends to rename the unit and pivot its strategy towards partnerships with independent financial advisers. The refocused entity will target clients with niche product offerings, including mortgages, Lombard loans, other asset-backed credit, and deposit services. Ilinca Rosetti, operating partner at J.C. Flowers, commented, “J.C. Flowers is proud to be one of the few firms that has the operational and sector-specific skills, backed by a proven track record, to undertake a broad transformational bank turnaround that will reposition the bank in the French market.”
